McMillan Shakespeare's FVE Increases on Improved Growth Prospects, but Growth Already Priced In
Increased confidence in the growth prospects of no-moat McMillan Shakespeare’s core high-margin group remuneration services, or GRS, salary packaging and novated leasing business has prompted us to upgrade our fair value estimate to AUD 14.00 per share from AUD 13.00. However, this growth appears to be currently priced in, and shares still screen as overvalued at present.The strong performance of GRS in the second half of 2017, as well as continued momentum into first half of 2018, underpins ou...
McMillan Shakespeare provides capabilities in novated leasing, salary packaging, associated Fringe Benefits Tax administration and management, operating leases and asset management. Co.'s segments are: Group Remuneration Services, which provides administrative services in respect of salary packaging and facilitates the settlement of motor vehicle novated leases for customers; Asset Management, which provides financing and ancillary management services associated with motor vehicles, commercial vehicles and equipment; and Retail Financial services provides retail brokerage services, aggregation of finance originations and extended warranty cover.
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